The Indian Stamp Act,1899
Section 3. Instruments chargeable with duty
Subject to the provisions of this Act and the exemptions contained in Schedule I, the following instruments shall be chargeable with duty of the amount incidated in that Schedule as the proper duty therefore, respectively that is to say-
(a) Every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed in India oil or after the first day of July. 1899;
(b) Every bill of exchange payable otherwise than oil demand or promissory note drawn or made out of India on or after that day and accepted or paid or presented for acceptance or payment, or endorsed, transferred or otherwise negotiated, in India; and
(c) Every instrument (other than a bill of exchange or promissory note) mentioned in that Schedule, which, not having been previously executed by any person, is executed out of India oil or after that day relates to ally property situate, or to any matter or thing done or to be done, in India and is received in India.
Provided that on duty shall be chargeable in respect of-
(1) Any instrument executed by, or oil behalf of, or in favour of, the Government in cases where, but for this exemption, the Government Would be liable to pay the duty chargeable in respect of such instrument;
(2) Any instrument for the sale, transfer or other disposition either absolutely or by way of mortgage or otherwise, of any ship or vessel, or any part, interest, share or property of or in any ship or vessel registered under the Merchant Shipping Act,1894, or under Act 19 of 1938, or the Indian Registration of Ships Act. 1841, as amended by subsequent acts.
1[(3) any instrument executed, by, or, on behalf of, or, in favour of, the Developer, or Unit or in connection with the carrying out of purposes of the Special Economic Zone.
Explanation.-For the purposes of this clause, the expressions “Developer”, “Special Economic Zone” and “Unit” shall have meanings respectively assigned to them in clause (g), (za) and (zc) of Section 2 of the Special Economic Zones Act,2005.]
1. Inserted by Act No. 28 of 2005 w.e.f. 23-6-2005.